Open Neutral?

I'm a helper and worked with an old time electrician and he did something a year ago that still troubles me. We wired a 50 amp 220 volt circuit for some heat pumps. he brought the wires into the panel, hooked them to ground and the breaker and left the white wire capped with a wire nut. He told me it will work fine and forget about it. Did we leave somebody with an open neutral? Is the ground wire the neutral now? Should I try and go back and fix this?